Australian METS Eyes Saudi Arabian Mining Sector

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Saudi Arabia’s mining sector has begun offering significant prospects for Australian mining equipment, technology and services (METS), as Saudi Arabia’s Trade and Commission reported. This is paving the way for the country to be a significant part of the advancement of the Kingdom.

The Australian METS companies are becoming more involved in various projects in the Kingdom of Saudi Arabia (KSA). METS firms are contributing to the development of the NEOM smart city in the Tabuk province.

The firms are also starting to get incorporated in the development of battery materials for electric vehicles (EVs) as well as technologies to help minimise carbon emissions. Many countries have already focused on investing in Australian lithium miners, and The Kingdom is joining that list.

Insights provided by the Australian Trade and Investment Commission note, “Saudi Arabia’s Vision 2030 identifies mining as a key component of the Kingdom’s industry strategy. The Middle Eastern country has a vast endowment of mineral resources, estimated to be worth US$1.3 trillion. During the next decade, Saudi Arabia is aiming to become a major new player in the global mining sector.”

The insights also stated that KSA had launched one of the world’s most extensive geophysical and geochemical surveys, which covers 600,000 square kilometres, including the Arabin-Nubian shield, a crystalline rock formation by the Red Sea.

Saudi Vision 2030 intends to raise the value of the country’s mining operations. It is expected to help KSA’s GDP to rise to AUD 31.7 billion. The minings and mineral sectors’ contribution to the GDP is expected to be tripled with the introduction of the Australian METS.

Australia has already begun laying down its groundwork for this opportunity at the start of the year. In January, many Australian businesses participated in the Future Minerals Forum in Riyadh, intending to become a critical part of the KSA’s supply chain. 

The Australian METS are also expected to be part of the Kingdom’s development of digital technologies to advance its mining operations and quality and safety solutions. Many believe this will usher in a great partnership between the two companies and may create jobs for Australia.

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